Hyderabad Rises as Top BFSI GCC Hub, Second Only to Bengaluru

Hyderabad is emerging as the second best choice for BFSI companies establishing Global Capability Centres in India, as per Careernet. American multinationals dominate, with significant workforce numbers. India's growing talent pool and digital innovation drive this trend, with significant female representation in the BFSI sector.

Hyderabad is increasingly becoming the second most preferred city after Bengaluru for BFSI companies seeking to establish Global Capability Centres (GCCs) or expand their operations in India, according to a report by talent solutions provider Careernet. The BFSI sector encompasses banking, financial services, and insurance companies that offer a variety of financial products and services. Global Capability Centres, as defined, are set up by organizations to leverage global talent, resources, and expertise.

The report highlights that Hyderabad is also a popular choice for BFSI professionals considering relocation. American multinationals form a substantial part of this growth, with two-thirds of BFSI GCCs in India operated by US-based companies. These centres are significant employers, with more than half employing over 1,000 people, and 15 per cent surpassing a workforce of 10,000.

Additionally, the report reveals that around 35 per cent of BFSI GCCs are spread across multiple locations, with 18 per cent having a presence in three or more locations. Bengaluru remains the leading city, hosting 35 per cent of all BFSI GCCs and providing a robust talent ecosystem where 26 per cent of job seekers possess crucial skills needed for industry advancement. Active job seekers are predominantly found in Bengaluru (25 per cent), Hyderabad (19 per cent), and Pune (17 per cent). Neelabh Shukla, Chief Business Officer at Careernet, notes that India's talent pool and innovation capabilities are poised to make it a global hub for BFSI by 2030, with over 250 GCCs and a million professionals expected to drive growth.

Shukla also points out that India's emergence as a hub for financial talent is due to the rich talent pool, an established BFSI GCC industry, and growing demand for digitally-driven innovation. The tech domain leads with 34 per cent of job seekers, followed by infrastructure and functional domains at 19 per cent each. The operations sector has a lower skilled workforce availability at 12 per cent, but emerging fields like analytics and NextGen have begun to gain traction, each accounting for 8 per cent of job seekers.

The report further highlights diversity within the BFSI industry, which boasts a higher proportion of female talent compared to other sectors. While the typical industry average is 80 per cent male and 20 per cent female, BFSI GCCs show a much higher diversity ratio, with some centres achieving up to 40 per cent female representation. (ANI)

(With inputs from agencies.)